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FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - APRIL 2, 2001.

AsiaPulse News

| April 02, 2001 | COPYRIGHT 2001 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, April 2 Asia Pulse - The Australian dollar has started the week under pressure after trading to a record low of $US0.4850 on Friday night.

And it failed to bounce.

The US dollar surged on Friday, particularly against the yen and a sagging euro also helped drag the local unit down.

There was not enough blue sky in the local data releases on Friday to help the haples currency and there are no signs that it will be any different this week.

"It's a mess," Michael Workman, foreign exchange strategist at Commonwealth Bank said.

Mr Workman said the Australian dollar fell to its lows in New York trade and it was very likely to revisit that level again in the near future.

"It's got to happen. The US dollar is very strong," he said.

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Source: HighBeam Research, FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - APRIL 2, 2001.

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